Business

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Turnaround
Action Plan
Take control of your future
with proven strategies from
Brian Tracy
 True Success Requires Skilled Leadership
A note from Brian Tracy

Dear success seeker,

When people ask “what’s the #1 skill you need to be a leader?”
my response is always the same… “Thinking!”

Strategic thinking is the foundation of successful leadership.

Once you master these strategic thinking tips, you can put proven
strategies into place to turnaround and grow ANY business.

So, how can you develop an action plan for your business?

We’ll start with one key idea:

Strategic thinking is the key to success.

You CAN learn this skill… easily!

It all comes down to this - if you’re not thinking and planning

for long term success, then you’re reacting, not leading.

What’s the difference?

Reacting and dealing with the day-to-day fires is an important job, but it shouldn’t be your job. Think
of it this way - reacting is bailing out your boat once you’ve hit an iceberg. Strategic thinking is charting
a course that’s miles away from danger in the first place. The key to long-term success is developing
the strategic decision-making skills you need to stay three steps ahead of any crisis.

Strategic Thinking means setting clear goals, and preparing for ANYTHING, like a general surveying
the battlefield. If you’re prepared for every outcome, nothing can surprise you, and nothing can stand
in your way!

Now that you have a basic rundown of why strategic thinking is the key to turning around any
business, let’s dive into specifics!

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 What goes into a
strategic business plan?

You have specific, measurable, attainable, relevant, and time-bound goals

for your business and your staff.

You’ll never hit a target if you don’t know where it is - and if you don’t have clear
goals for your business, you’ll never reach any true level of success.

You know the ins and outs of your product, good, or service.

This seems like a no brainer, but it’s often overlooked. No amount of strategic
planning will ever save you if you aren’t putting in the due diligence on what
you’re actually selling.

You’ve fully researched the market and your competition to be sure you’re
offering the right product at the right price, to the right people.

Do you remember the DeLorean Motor Co, the company behind the famous
car in Back to the Future? Cool looking car, right? Well, more often than not, “I
like it” or “I think it looks cool” isn’t enough in the business world. You need to
be sure you’re unique, better than the competition, serving an actual need, and
competitively priced before making any changes in your business.

You have a complete business plan developed before commencing

business operations, or making a major change - you know the what, why,
and how of the sales and revenue-generating process.

This means taking the time to think through every major step of a new venture
before officially launching. Spending the extra time thinking through each and
every step can save you hundreds of hours, and tens-of-thousands of dollars in
mistakes that could have been avoided

You never stop learning, asking questions, and improving!

This is probably the most important item on the list. The world is changing
faster than ever before, and if you’re not keeping up with the times, you’re falling
behind. Even the most brilliant strategic plan has a short shelflife, so you need to
be sure you’re staying ahead of the curve, even after you’ve found success.

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 The Business Turnaround
Action Plan

Recognize a problem, and react accordingly

They say “the first step to recover is acceptance” and that’s just as true here as it is in life. As
painful as it is, realizing it’s time for a turnaround is the first step towards rebounding. Is the
problem with your product, your price, your people, or how you’re promoting?

Accept responsibility
TAs a leader, it’s essential that your team knows the buck stops with you. Blame will never
solve a problem, so roll up your sleeves and dive into it! Every great victory starts with the
phrase, “If it’s up to be, then it’s up to me.”

Set your sights on your first big goal

If you’ve been struggling to sell your products or service, then don’t expect you’ll be able to
turn things around overnight. Set a clear goal that will provide strong evidence that you’re on
the right track.

Create a plan, and delegate

But didn’t you just say to accept responsibility? Yes! But there’s a big difference between
accountability and proper business management. YES the buck stops with you, but that
doesn’t mean you have to plan, make, and deliver every good or service yourself! Free yourself
up to focus on important strategic work by delegating to a skilled, responsible team.

Budget - budget - budget!

Nothing can sink a business faster than a leaky budget. If you’re trying to turnaround a
struggling business, then be sure you have your budget in good enough shape to give you the
runway you need to take off again.

Develop metrics for success

Be sure you know what success looks like. Does 2xing your sales get you on the right track?
Maybe… or maybe not. Be sure you’re tracking all of your key drivers throughout the entire
process, or you may be sacrificing success in one are to pay for success in another!

Start the next plan!

If you’ve found success with your turnaround plan, then get ready to start it all again. You
need to constantly be innovating and improving to stay on top of the competition, so don’t rest
on your laurels once you’ve seen success. (But don’t be afraid to celebrate a bit either!)